PUBLISHER: SkyQuest | PRODUCT CODE: 1481389
PUBLISHER: SkyQuest | PRODUCT CODE: 1481389
Global CBD Oil Market size was valued at USD 360.40 million in 2022 and is poised to grow from USD 417.70 million in 2023 to USD 1359.99 million by 2031, growing at a CAGR of 15.9% during the forecast period (2024-2031).
The market for CBD oil has grown rapidly on a global scale in recent years. Globally, the market is impacted by many applications. Growing consumer knowledge of cannabidiol's (CBD) possible health advantages and the product's increased availability in more areas have propelled the market. Because hemp and marijuana are plants that are rich in protein and omega-3 fatty acids, CBD oil is more valuable than other products on the market. The growing market scope is attributed to factors including the rising prevalence of chronic illnesses, the growing emphasis on wellness and preventive healthcare, and the shifting needs surrounding cannabis.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global CBD Oil Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global CBD Oil Market Segmental Analysis
Global CBD oil market is segmented based on source, product, distribution channel, application, and region. By source, the market is segmented into hemp and marijuana. By product, the market is segmented into full-spectrum CBD oil, broad-spectrum CBD oil and CBD isolate. By distribution channel, the market is segmented into online retail, and offline retail. By application, the market is segmented into medical, cosmetics and personal care, and food and beverages. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global CBD Oil Market
Growing consumer knowledge and acceptance of CBD products is one of the main factors driving the global market for CBD oil. Since studies have demonstrated the advantages of CBD, people are actively looking for natural and alternative solutions to address a range of health and wellness issues. As a result, demand for CBD products, including oil, has increased dramatically. Furthermore, a rise in demand for CBD oil has been observed globally due to growing knowledge of CBD's medicinal benefits and a shift in cultural perception of cannabis.
Restraints in the Global CBD Oil Market
The difficulties emerging regions face in maintaining regulatory compliance are a significant market limitation affecting the global CBD oil industry. There are significant differences in the legal status of CBD among the many nations and regions, which is creating a complex regulatory environment. The uneven application of legislation poses difficulties for companies and customers alike, impeding the smooth creation, distribution, and availability of CBD products. In addition to creating obstacles for market expansion, this uncertainty necessitates ongoing compliance efforts and adaptation on the part of businesses selling CBD products.
Market Trends of the Global CBD Oil Market
Growing customer preferences have led to an ongoing diversification of product options, which is a major trend in the global CBD oil market. Major players are launching a broad range of cutting-edge CBD products, going beyond conventional CBD oil solutions, capsules, and edibles. Beverages infused with CBD, skincare, cosmetics, pet care, and even medications are all part of this diversification. The primary driver of this trend is the realization that customers are looking for different ways to include CBD into their daily lives. These systems are often characterized by products that are tailored to meet particular requirements, such skincare and relaxation.